The Ministry of Revenue has uncovered 124 companies that have no legal standings. To date, the companies have transacted over four billion Birr using fake receipts, without registering with the Ministry of Trade & Industry or possessing a license. “The receipts were unacceptable and illegal, and taxpayers had to be careful about them,” says Zemede Tefera, the director of legal affairs at the Ministry. In the first quarter of the current fiscal year, the Ministry audited 563 companies and found counterfeit transactions worth 722 Million Br. The audit made last month also shows that there has been over 885 million Br in fake procurements by these companies. This fiscal year, the government plans to collect over two-thirds of the federal budget from tax revenues.
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